【华润置地（1109.HK）】销售均价提升明显，资产运营稳健增长——动态跟踪（何缅南）

Core Viewpoint - The company reported a decline in contract sales but showed improvements in sales price and asset operations, indicating a focus on core markets and effective cash flow management [4][5][6]. Sales Performance - For the period of January to August 2025, the company achieved contract sales of 136.8 billion yuan, a year-on-year decrease of 12.0%, with a sales area of 5.12 million square meters, down 23.3% [4]. - The average sales price increased significantly, reaching 26,800 yuan per square meter, an 11.9% year-on-year increase, while the company maintained a top-three position in the industry sales ranking [5]. Asset Operations - The asset operation segment showed steady growth, contributing significantly to performance and long-term cash flow stability. In the first half of 2025, the segment generated revenue of 12.11 billion yuan, a 5.5% increase year-on-year [6]. - The total area of shopping centers reached 11.85 million square meters, a 13.3% increase, with 94 operational centers generating retail sales of 110.15 billion yuan, up 20.2% [6]. Financial Management - The company adheres to a cash flow safety principle, holding cash reserves of 120.24 billion yuan and maintaining a net debt ratio of 39.2% [8]. - The average financing cost decreased by 32 basis points to 2.79%, maintaining the lowest level in the industry, reflecting significant credit advantages [8].